Sponsored by Alaska Energy Metals

School boards sue social media

Four major school boards in Ontario have initiated legal action against tech giants Meta Platforms (NASDAQ: META), Snap (NASDAQ: SNAP), and TikTok’s parent firm ByteDance for having “rewired the way children think, behave, and learn, leaving educators and schools to manage the fallout.”

The Toronto District School Board, Peel District School Board, Toronto Catholic District School Board, and Ottawa-Carleton District School Board have jointly filed a lawsuit alleging that these platforms, through their negligently designed products, have significantly disrupted student learning and contributed to a crisis in attention, learning, and mental health among students.

You can read more on the matter here.

What’s going on?

• What Will Trudeau’s Renters’ Bill of Rights Do To Your Credit Score? (theDeepDive)

• Canada economy on track to beat first-quarter forecasts (BNN)

• Guatemalan president claims border walls do not work and migrants have 'right to move' (FOX)

• Why Is The Government Paying For The Collapsed Baltimore Bridge? (theDeepDive)

• Ukraine’s Economy Grew 5.3% in 2023 Defying Russian Attacks (Bloomberg)

• FTX founder Sam Bankman-Fried awaits sentencing for fraud conviction (CNN)

• BlackRock VP Pleads With Texas School Fund to Reconsider $8.5B Divestment (theDeepDive)

• Sam Bankman-Fried, at sentencing, acknowledges FTX customers have suffered (Reuters)

• Ontario nursing unions want staffing agencies phased out after fake nurse worked for 7 months (CBC)

• Dell’s New Mandate Says Remote Workers Won’t Be Eligible For Promotion (theDeepDive)

What’s the latest?

• Q1 Growth: The Canadian economy exhibited robust growth in the first two months of 2024, with preliminary data indicating a 0.4% increase in GDP for February. This follows a stronger-than-expected 0.6% expansion in January, positioning the economy for its most vigorous growth since early 2022. The combined performance suggests a 3.5% annualized growth rate for the first quarter.

• SBF Sentencing: Sam Bankman-Fried, founder of the bankrupt FTX cryptocurrency exchange, apologized to his former colleagues at his sentencing hearing, following his conviction on seven counts of fraud and conspiracy related to FTX's collapse in November 2022. The U.S. District Judge Lewis Kaplan will determine his sentence, with Bankman-Fried facing a potential maximum of 110 years in prison, though prosecutors seek 40 to 50 years.

• Bitcoin Buying: The nine bitcoin-linked ETFs have seen a significant increase in inflows this week, coinciding with a rebound in bitcoin's price. These funds attracted over $1.2 billion in the first three days of the week, with a notable shift in leadership from BlackRock's iShares Bitcoin Trust to the Fidelity Wise Origin Bitcoin Fund, before the former regained its leading position with record inflows. In contrast, the Grayscale Bitcoin Trust has experienced steady outflows since its conversion into an ETF, totaling $862.2 million in the early part of the week.

• Edmonton Problems: Alberta Premier Danielle Smith has expressed readiness to assist the City of Edmonton amidst concerns over financial stability and staffing changes, including the departure of senior city executives. While Smith stated the provincial government has not intervened or conducted an audit, she highlighted the willingness to help if requested. This comes amid legal constraints preventing Alberta municipalities from running deficits.

• Baltimore Bridge: The catastrophic collapse of a major Baltimore bridge, following a collision with a cargo ship, could lead to the largest-ever marine insurance payout, according to Lloyd’s of London's chair, Bruce Carnegie-Brown. Early estimates suggest insured losses could fall within the single-digit billions, with Morningstar DBRS projecting between $2 billion and $4 billion and Barclays estimating between $1 billion and $3 billion.

AbraSilver's US$494M NPV pre-feasibility study

The stock market and stuff

• Reddit CEO Has Already Sold Nearly Half His Shares Less Than A Week Into IPO Debut (theDeepDive)

• Meme stocks are back as Trump Media and Reddit surge upon their debuts (CNBC)

• Blast Crypto Game Hacked, Losing $62 Million to North Korean Developer (theDeepDive)

• Tata's forced IPO will only bring problems (Reuters)

• Krispy Kreme Surges To Two Year-High Following McDonald’s Partnership (theDeepDive)

In the juniors

• Akanda Jumps 77% In Pre-Market Trading On Bitcoin, AI Cannabis Pivot (theDeepDive)

• Fisker Slashes Prices As Insolvency Nears (theDeepDive)

• Canacol Energy Asserts It Will Be Able To Pay Its Next Coupon (theDeepDive)

• Temas Resources Files PEA Outlining $6.6 Billion After-Tax NPV(8%) At La Blache (theDeepDive)

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